05:47 PM EDT, 06/20/2024 (MT Newswires) -- Biote ( BTMD ) said Thursday it agreed to repurchase about 8.3 million of paired interests or class A shares at an average price of $7.23 per share from shareholder Marci Donovitz to resolve litigation.

The repurchases will be undertaken over a three-year period, with roughly 4.1 million paired interests or class A shares to be bought back for $30 million on or before June 28 closing date, it said, adding that the rest will be repurchased in three batches.

Under the settlement, the company said it will also release and cancel about 4 million paired interests subject to contractual earnout provisions and owned by Donovitz, for no additional monetary consideration.